...that PremiumSoft is facing: there are two major challenges: Recruiting and retaining talented Individuals and maintaining the current work culture environment with growing staff PremiumSoft is a company that provides Software solutions. Lin and Roy Choi primarily founded it as a Web design company in year 1999. However this web design company provided the seed money to grow it into a software development company. PremiumSoft’s main software solutions are “Navicat” and “ Navicoder”. Navicat was launched in 2001 as a database tool that manages and administers multiple databases across different operating systems like Linux, Windows, Mac OSX using a graphical user interface. (GUI). Whereas Navicoder was launched in 2009 as source code editor, compatible for windows. PremiumSoft is small scale organization comprising of 24 staff members. Its organizational structure is provided in appendix {1}. PremiumSoft work culture is based on trust and sense of belonging among employees, imparting a mix of “ Authoritative”, “Affiliative “ and teaching style of management and employee interaction, which results in high innovation and productivity in the organization. However with the expansion in staff this work culture may impose restrictions on company’s overall growth and productivity hence a stricter and more compelling employee workplace guidelines need to be incorporated. As for recruiting talented individuals and retaining them, Management primarily needs to extend its hiring process...
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...is the art of people resource management in an organization. The main duty of HRM is to acquire, develop, retain talent and align or match the work force skills and talents in accordance to the objectives and needs of the company. For an organization to perform well in terms of efficiency, productivity, specialization and achievement of its objectives, it must utilize the abilities and capabilities of its employees to the maximum. Management of three critical areas namely skill matching, remuneration and recruitment is the best way to retain talented employees. This will in turn determine the level of well being of the business in terms of product or services sales, satisfaction of customers/ clients and profitability of the business. Hence, managers should ensure talents staffs are satisfied through programs that engage them, empower them and motivate them to continue working for the organization to the best of their ability. Research show that employing a new employee after dismal costs the company a third of the income earned by that particular staff apart from other related costs such as work disruption, induction cost of the new employee, time taken to be assimilated into organization team and the expertise lost that would have been used for production (Anders, 2012). II. Discussion Mentoring and career development programs create an attractive atmosphere for talented staff because of the growth aspect attached to it. They provide direction for personal development, skills...
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...talent for their business. This brings about the need to understand precisely what the organization requires and to determine the actual and potential talents required of the employees. David Whitwan, former CEO of Whirlpool Corporation stated “The thing that wakes me up in the middle of the night is not the economy or competitors; it is whether we have the leadership capability”. This statement reveals the challenges that organizations face in the new knowledge economy. Developing and retaining good and talented people has become a significant challenge for most businesses, big or small. In the 21st century, talent is being defined as the new wealth. In today’s business, most organizations are talent poachers opposed to talent developers within their existing employee workforce. Once talent is identified, companies use anything and everything to lure that talent to the organization in order to gain the competitive edge. A Harvard Business Review article from January, 2000 explains that “organizations often revert back to the proverbial “golden handcuffs” strategy in order to prevent the often devastating impact of losing a talented employee.” Corporate awareness, of the necessity for innovative talent retention strategies, has been heightened by global worker shortages and the lack of talented people in the workforce. This has created an ever increasing...
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...work’ in the minds of the present as well as target employees. It is the process of attracting, recruiting and retaining best talent in the organization. It is a process of applying the branding principles to the Human Resources Management in the organization. By building a strong employer brand organization can get best, talented, efficient and excellent employees in the organization. It also reduce the cost of recruitment, increase bargaining power of the organization, make capable the organization to face the problem of shortage of talented employees, increase the profitability and make organization more compatible with young employees. For building a strong employer brand organizations should have best strategic business plan having effective workforce plan with strong Employer Branding Plan. For becoming an ‘Employer of Choice’ organization have to go though the three step employer branding process: Know Yourself, Test Yourself, Select the Proper Channel to Reach the Unreached. By this process organization come to know the strengths of organization as an employer which helps in increasing profitability of organization. This paper aims at explaining the importance & benefits, of employer branding. It also explains the process of reaching to the unreached employees and becoming the employer of choice. Introduction: Today’s employment environment is very competitive. This competition is not only between employees but it is among employers also. Every employer wants...
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...recruit, develop, advance, and retain a talented employees. Talent management also has another target which is to develop talented employees leadership and management functions critical to the organization’s success. The core idea of talent management is developing the human resources to attain organization’s strategic objectives. Why an organization does need talent management? The main reason of leaving an organization is “the feeling of detachment” in an employees from the organization’s objective and goal. They beleive that they are not being noticed by the people who actually hold the key of their career development. In many organization, people try to become visible by networking, personal contacts, recommendations. They do not need become extraordinary and talented but are often visible and getting caught by the eyes of top management. This situation makes many talented people inside the organization hide their presence, like a big fishes that love to stay in a deep water. Many talented people join the organization with a dream for achievement, success, and career development. Unfortunately, they realize and experience true culture of the organization, they become frustated and feel neglected. They gradually lose their interest, and become not innovative, and less participative. Through talent management, attention can be given to all employees regarless their nature. Fairness and transperency in the appraisal process can lead to employees’ satisfation. How talent...
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...the main driving force for business success. Talent management is a process by which an organization identify, attract, manage, utilize, retain, develop and engage people to meet current and future needs (Mucha, 2004). Business need to understand and respond to their employees needs in the workplace. The completion to acquire talented workforce become more strategic than ever before. Companies in today’s talent market faces a curious paradox In both economic downturn as well as at the height of a boom. Effective talent management is essential to achieving organizational excellence. If a firm cannot keep its talent, it will be buffeted by the storms of recession or in highs of a boom, it will fail to maximize competitive edge. The ability to execute business strategy is rotted in the ability to find, attract, retain, and develop key talent. Talent management strategy needs both performance and potential. Performance is about looking back on what has been done and what was contributed and it is measured against specific objectives. Performance may or may not be an indicator of potential. Potential is about looking forward and predicting what an employee may be capable of doing in the future. It is assessed by a joint combination of observations, assessments and discussions (Mucha, 2004). Although pay and benefits initially attract employees top tier leadership organizations focus on retaining and developing talent. There is anticipated skill shortage in professional, high technology...
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...Student DeVry University Professor Dibenedetto June 23, 2013 Abstract: The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee. With the constant change in today’s business world, to have a competitive advantage makes it difficult for employers to attract and retain the most talented employees. Identifying the company’s compensation strategy ensures the organization offers the right pay and manages the pay increases to retain top talents. When we hear the word compensation we think about compensating an employee for their work performed, but there is much more to compensation and a company’s strategy than what a person is paid. Compensation and benefits, “includes not only salary, but also the direct and indirect rewards and benefits the employee is provided with in return for their contribution to the organization. To determine compensation, organizations should develop a compensation and rewards program that outlines an equitable process for compensating employees” (“Compensation and Benefits,” n.d.). This plan is an extremely important piece of the overall HR approach to keep the company competitive and successful in the global market. Throughout this paper we will discuss the compensation and benefits strategy of the organization and recommendations on how to create a well-structured program. As a result of this program; will ensure a good balance...
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... Abstract Talent management has changed so much over the years, due to the economic environment. This paper will attempt to explore some of those changes and challenges for talent management. The emerging set of new practices is moving talent management to its tipping point. THE TIPPING POINT FOR TALENT MANAGEMENT 3 Discuss how the economic environment has influenced the need for talent management practices. Today, talent management plays a critical role in contributing to the overall productivity and strength of an every organization. Human Resources managers are trained individuals who motivate employees to meet organizational objectives while maximizing employee satisfaction. Over the last few decades, HRM has become extremely important to the world of managing groups of people. Maslow, Herzberg and others have contributed to the success of human resources, by helping managers to develop an understanding of human relations. The economic environment has influenced the need for talent management practices because many businesses are experiencing organizational change. Throughout the tough economic environment businesses have examined old talent management models that once were successful and applied...
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...potentially the greatest resource that an organization possessed” William A. Cohen, Ph.D. One of the most difficult challenges that employers are currently facing is finding excellent and talented employees to work for their companies. For one, resume falsifications has become notoriously rampant in the employment world. Moreover, it is now hard to find people with integrity, people whom you can have absolute trust in. An equally difficult task is to keep the bad kinds of employees out of your company. You may be very cautious with your hiring process but you will still sometimes end up with employees that give you nothing but bouts of headaches which creates employee discontent and morale issues. To help you attract and retain good employees and repel bad ones, the organization should have in place the following characteristics: a. solid reputation; b. provide clear job objectives; c. present challenges and learning opportunities; d. create a culture of accountability; e. offer attractive compensation; and f. create a culture of diversity and inclusion. Solid Reputation One of the best ways to attract superior employees is to be a top company. Needless to say, high achievers want to work for companies that have excellent reputation, exemplary management and top of the line products and services. “The global war...
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...com 1 Abstract Employee motivation is one of the important factors that can help the employer to improve employee and organizational performance. Different theories of motivation are discussed. The paper concludes that employee retention can be practiced better by motivating the employees in the following aspects: Open communication, Employee reward program, Career development program, Performance based bonus, Recreation facilities, Gifts at some occasions. Keywords: Employee retention, Organizations, Strategies, Career, Performance based. Introduction Management Update (June, 1988) nine of ten managers An Employee Retention Program (ERP) is said to be think people stay or go because of money. But, Kaye and effective when a systematic effort is made to create and Evans (2000) conclude that money and perks matter, but foster an environment that encourages and supports employees are interested in challenging and meaningful employees to remain employed by maintaining strategies work, good bosses, and opportunities for learning and and practices in place that addresses their diverse needs. development. Employee retention (ER) is a process in which the Significance of employee retention employees are encouraged to remain with the Retention is not only important just to reduce the organization for the maximum period of time or until the turnover costs or the cost incurred by a company to completion of the project. Even though ER has now recruit and train. But the need of...
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...skilled, incredibly talented workers in search of employment. On the flip side, companies have tried to hold onto their very top performers while asking them to fill the gaps left behind by the absence of former co-workers. This combination sets a large inactive workforce filled with talented and skilled workers, paired with companies filled with droves of over-worked, frustrated top performers on a collision course with an economic recovery that should have you asking: Are we ready for an economic boom? Can you retain your most talented and capable workers while infusing your company with the most skilled and productive talent from the available workforce? How do you capture the best talent As the economy turns around. your company and thousands of others around the world will be competing for the same group of top talent. So how do you ensure that you will end up one of the winners in this competition?: Start a plan. Now. If you wait until you’re actually in the middle of trying to woo top talent, you’re sure to end up on the short end of the stick. Don’t just go after talent, go after the right talent. You’re certain to find talented candidates in your search for top talent who meet all the technical specifications of the job. However, what often times makes one employee outperform another is a connecting with the brand. Employees want to be a part of a company whose core values are similar to their own, or worth aspiring toward. When employees find a company that...
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...food industry market in future. Reliability is another dimension of quality that give advantage from competitors to McDonald that it give same product everywhere which means that in every franchises give same quality product to their customer as a result more loyalty from customer side. It increases customer satisfaction. Q2:- Among the six concepts of TQM which one are adopted implemented by McDonalds? McDonald is using concepts of TQM which are as follows with example. 1: Leadership A committed and involved management to provide long term top to bottom organizational support to implement over all TQM e.g. McDonald in this case adopting new technology for speeding service, and motivating their employees by giving them benefits program which energize, reward, and retain talented and potential people. 2: Customer Satisfaction In this case McDonald do or perform more for customer satisfaction. When McDonald goes through “Having the right product at the right prices” strategy and “putting...
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...………..4 Talent Deployment……………………………………………………………...……5 3. The four stages of Talent Management……………………………………………………………6 4. The two dimensions of Talent Management.....................7 Retaining Talent…………………………………..……………..……………………..7 Harnessing the Unmanifest Tal………………………..………………....………8 5. Ways to attract and retain talent……………………..………..9 6. The causes of ineffective Talent Management…………….10 7. The case of Apivita……………………………………………..……..11 8. Conclusion……………………………………………………………….12 9. Reference List…………………………………………………………..13 1. Introduction The aim of this project is to address the concept of talent management. More and more companies tend to rely on talent management and invest human capital and technology in order to success in this process. There are many ways to achieve strategic TM that will be analyzed but also many causes from inefficient TM. Additionally, the case of APIVITA Company will be analyzed, concerning its TM practices. 2. Literature Review on Talent Management Defining talent management, Murthy, as cited by Majeed (2010), clarifies, “TM refers to managing the entire work life of employees till retirement. It identifies the key gap of managing the current and future demand of workforce, connecting individual goals to corporate goals, workforce strategies to business plan (Murthy, 2010).” (Majeed, 2013) As a result, talent management appears to be an integral part of business strategy. In order to analyze better talent...
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...In the past decade, many corporations are using Corporate Culture as the key selling point in attracting and retaining talented employees. Corporate culture defines a corporation’s personality, its’ values, attitudes, and behaviors that are shared across the whole organization (Chatman &; Cha, 2003). Employees are the backbones of any successful corporations and high productivity is result of satisfied employees. A good match between an employee and employer is important; hence a clearly defined corporate culture is vital during the recruiting process. Corporate culture also plays a crucial role in retaining talented employees by providing an environment that encourages interests, growth, and opportunities. Smooth daily operation of any business relies on a strong corporate culture. A poorly defined work culture is one of the biggest causes of business organization failure because it results in mismatched recruitment, low retention rates, and unsatisfied employees that lead to poor performances and productivity. A well-defined corporate culture consists of six common attributes that define the corporate culture. These six attributes: Vision, Values, People, Place, Narrative/history and Practices (Coleman, 2013) help to create the organization uniqueness. It also let key stakeholders such as customers, shareholders, employees and the public to understand the core of the business. A clear definition of each characteristic is essential to avoid any misinterpretation. Vision...
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...organization, human resource management (HRM) also plays a part in the output of a company performance as it lays down strategic decisions, policies, as well as systems, that may affect the most important asset in the organization, its employees (Armstrong, 2008, p.5). In this assignment, it will reference to Ritz Carlton that is one of the most successful organizations that have acknowledged their human resource (employees) as the most important asset to achieve goals and objectives. The focus on human resources into recruiting, selecting and development has aided them to achieve several worldwide recognition awards such as the gold standard of hospitality (The Ritz-Carlton Hotel Company, 2011). Recruitment and Selection Hellriegel and Slocum (2007, p.161) states that Ritz Carlton knows the type of employees they are looking for in every job position, and is careful to only employ those who display the skills and behavior required to accomplish the job. Ritz Carlton has always been successful in selecting and recruiting the most suitable talents to their organisations that will fit into their cultures, values and service standard that is crucial in maintaining or even heighten the standard of Ritz Carlton. With positions that require employees to be on the front line to interact and serve guests, it is of utmost importance that an employee is able to provide the level of service required to meet or...
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